The “Keynesians” seem not to have studied Keynes and the neoclassicals misread or do not read Hayek. No wonder fallacies abound.
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The way that Robert Lucas misread Hayek is nowere better explained that here:
http://www.cesifo-group.de/link/es09_DeGrauwe.pdf
Paul De Drauwe, Top Down versus Bottom Up Macroeconomics"
Lucas explicitly says his macreconomic modeling was inspired by Hayek's work and Hayek's conception of how to do macro and what the macro problem is.
Lucas, of course, was deeply confused.
Posted by: Greg Ransom | November 07, 2009 at 09:19 PM